WATERLOO, ON, Nov. 3, 2021 /PRNewswire/ - Online tech sales academy Uvaro is pleased to announce it has closed a $12M (USD) Series A funding round with lead investment from global multi-stage technology investment firm White Star Capital with participation by Real Ventures and BDC Capital's Women in Technology Venture Fund .
Uvaro's $12M Series A capital raise will be used to rapidly scale up the company's programming and deliver enhanced services for members aimed at creating ongoing career success. White Star, Amplify and BDC Capital join fellow Uvaro investors, Real Ventures, Generation Ventures, Garage Capital, XFund, WTI, along with executives from Oracle and Wave.
Launched on the cusp of the global pandemic by siblings Joseph Fung and Donna Litt alongside co-founder Derek Hall, Uvaro is a first-of-its-kind program blending training, technology and work into a single career accelerator for tech sales. It is uniquely suited to solve the single biggest challenge facing North America's tech sector -- access to well-trained, work-ready talent.
"Our unique acceleration model is highly tuned to the needs of today's job-seekers, employers and the future of work." - Joseph Fung, Uvaro CEO
By leveraging a 12-week curriculum built on the dataset of sales playbooks used by 20,000+ sales professionals, Uvaro members ramp up in one-third the time and achieve 50% more quota than their counterparts. Since launching online in January 2020, Uvaro's sales academy has produced 300+ grads with an 80% job placement rate. Members often experience up to a 120% increase in annual salary. The company's deferred tuition model and scholarship fund lower the barriers to entry to career change that disproportionately affect women of colour and newcomers.
"The tech sector is the fastest-growing segment of our economy and is expected to hire more than 250,000 individuals, with revenue-generating roles representing a significant proportion of this number," says Joseph Fung, CEO of Uvaro. With the shift to hybrid and remote work, every employer is now tech-enabled. As a result, demand for our grads is through the roof. Our unique acceleration model is highly tuned to the needs of today's job-seekers, employers and the future of work."
"The COVID-19 crisis has forced the business world to shift to virtual collaboration and new communication tools," said Christophe Bourque, General Partner White Star Capital. "It follows suit that traditional modes of training and skills development and sources of talent also must be re-imagined. Uvaro's unique, 3.0 training model fills a significant void in the market. For jobseekers, it offers an affordable and achievable retraining option with direct pathways to tech employment. For employers, it helps unlock hidden talent pipelines that lead to highly effective, more inclusive workplaces."
''Uvaro's incredible scholarship program along with its differentiated business model has had a significant impact on building the right talent for the industry and empowering more women to pursue B2B tech sales careers. The company's trusted approach and Donna's leadership are out to change the future of work in the technology sector,'' says Michelle Scarborough, Managing Partner, Women in Technology Venture Fund, BDC Capital.
"72 million millennials in the U.S. between the ages of 22 and 37 work retail and service jobs at a near poverty level income. Uvaro seized this golden opportunity to empower aspiring sales professionals, many of whom come from disenfranchised minority groups working in low-paying labor markets, to gain the skills needed to successfully transition to high-skilled and high-paying careers in tech sales. Uvaro's mission, its deeply passionate founders, and strong market demand convinced us this was a company we needed to back," says Sam Haffar, Partner, Real Ventures.
Uvaro is on a mission to help the world's professionals lead more fulfilling careers. Our career success platform provides just-in-time training, paid apprenticeships, and career development services that help North America's under-employed land successful roles in tech. Uvaro members succeed more, earn more, and launch new careers all within three weeks.
About White Star Capital
White Star Capital is a global multi-stage technology investment platform that invests in exceptional entrepreneurs building ambitious, international businesses. Operating out of New York, London, Paris, Montreal, Toronto, Tokyo, and Hong Kong, our presence, perspective, and people enable us to partner closely with our founders to help them scale internationally.
Real Ventures is an early-stage venture firm focused on serving daring entrepreneurs with the ambition to create successful, global companies. Since 2007, Real Ventures has dedicated itself to building the Canadian startup ecosystem on the belief that people, not money, build game-changing companies. Real Ventures provides stage-specific guidance, mentorship, and access to networks and resources to fast-track founders' personal and company growth. Real Ventures manages $325 million across five funds and its active portfolio of 100+ companies is currently valued at $10 billion. www.realventures.com
About BDC Capital
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country's most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital